Muar: A company manager incurred a loss of RM651,800 after falling prey to a fraudulent stock investment scheme advertised on Facebook earlier this year.

According to BERNAMA News Agency, Muar police chief ACP Raiz Mukhliz Azman Aziz stated that the 45-year-old man was drawn to an investment ad on Facebook that promised quick and high returns. He explained that the victim clicked on the link provided and was added to a WhatsApp group named after an investment company.

Raiz elaborated that the victim communicated with five different individuals via WhatsApp, who provided more details about the investment. The victim was instructed to download and register an investment account through an app to monitor his returns.

The man made 25 transfers to three bank accounts between February 13 and March 27, totaling RM651,800 from his savings. Raiz noted that the victim began to suspect he had been deceived when he was asked to make additional payments to claim the promised profits, despite not receiving any returns.

The case is currently being investigated under Section 420 of the Penal Code for cheating, which carries a prison sentence of between one and 10 years, caning, and a fine upon conviction. Raiz urged the public to exercise caution and avoid being easily swayed by investment schemes promising unrealistic, high returns.